Millions of Americans routinely take prescription medications. Nearly all of us will get at least one or two prescriptions from our doctors during our lifetime. It all adds up to billions of dollars being spent on medications every single year. But what do you do if your prescriptions are killing your budget? Is there a way to still get the medications you need without suffering irreparable financial harm?
It is a given that prescription drugs are more expensive in the U.S. than most other places in the world. The reasons behind it are fodder for another post. In the meantime, this post will address the different options available to consumers who have trouble paying for their prescriptions.
Health Insurance Discounts
If your health insurance plan includes prescription coverage, you might want to check with your carrier to see if there are any discount programs available for your medication. Believe it or not, drug manufacturers frequently offer discounts through health insurance plans. It is a way to encourage insurance carriers to cover their medications.
How much can you save this way? That depends on the manufacturer, insurance carrier, and medication. In some cases, a discount program might completely cover your co-pay. In other cases, it might reduce your co-pay but also apply toward your annual deductible. Each discount program is governed by its own details.
Drug Coupon Programs
If you don’t have prescription drug coverage as part of your health insurance, your best bet is to look for a drug coupon program. Drug coupons work just like any other type of coupon. You find what you need online, download it, and take it to the pharmacy along with your prescription. There is just one caveat: your pharmacy has to participate in the program.
GoodRx.com is one of the most well-known drug coupon providers. Their coupons offer substantial savings on some of the most popular prescription medications. In addition, the website also offers a tool that lets you compare prices in your local area. The tool can help you find the pharmacy with the best price on your medication.
Canadian Online Pharmacies
If drug coupons do not help you all that much, another option is to order your prescriptions online from a Canadian pharmacy. This particular option requires a bit more diligence on your part. For starters, you have to make sure you are dealing with a legitimate online pharmacy that is both accredited and affiliated with a physical dispensing pharmacy licensed by the Canadian government.
Canada Pharmacy is one such online property. Their prescriptions are dispensed through a physical dispensing pharmacy located in Manitoba. They are also accredited by the Canadian International Pharmacy Association.
All of this is to say that you can save quite a bit of money by buying from a Canadian pharmacy. Canadian drug prices tend to be quite a bit lower on most prescriptions.
Patient Assistance Programs
One final option is to apply for reduced cost medications through a patient assistance program. Drug manufacturers set up these programs by contributing a certain portion of their revenues to help people who cannot otherwise pay for their prescriptions. Some programs offer a partial subsidy while others fully cover the consumer’s out-of-pocket costs.
As a general rule, patient assistance programs apply to the most expensive drugs. These are drugs used to treat things like cancer, Alzheimer’s disease, and so forth. Still, do not be afraid to investigate patient assistance even if your medications are not super expensive.
Unfortunately, prescription drug prices in the U.S. are too high. Until that changes, patients having trouble affording their prescriptions do have options.